Constanța, 30 May 2025

Black Sea Oil & Gas (BSOG) announces the completion of the rehabilitation works and official inauguration of the communal road DC83 connecting the villages of Corbu and Vadu, as well as Şcolii Street in the village of Vadu. With a length of 7.6 kilometers and an investment value of approximately 4 million dollars fully supported by Black Sea Oil & Gas and its partners, Petro Ventures Resources and Gas Plus Dacia, the project was completed as per the estimated schedule and means a significant contribution to increasing road safety and the quality of life for the residents of the area. The project was carried out in close collaboration with the local authorities, from the development of technical documentation and obtaining the permits and approvals, to resolving administrative issues on site.

The inauguration of the rehabilitated road was marked by an event held on May 29, dedicated to the local community.

“Today we celebrate a commitment we made to the community, to the future and to road safety in the area. We are proud to have contributed to the rehabilitation of these roads which not only improve the infrastructure, but also connect, both literally and symbolically, the people of Corbu and Vadu. We would also like to congratulate the project team, who managed to complete the project on schedule, but also the local authorities for their constant support and excellent collaboration so far. In this way, we would also like to thank our concession partners, Petro Ventures and Gas Plus Dacia for their financial contribution, but also the team of the constructor Autoprima Serv SRL, who showed commitment and professionalism“, said Mark Beacom, CEO of Black Sea Oil & Gas.

The rehabilitation works included the restoration of the road structure, modern road signage and the implementation of an efficient water drainage system, aimed at reducing the risks of accidents and preventing damage to the infrastructure. Now, accessibility and connectivity between Corbu and Vadu have improved, facilitating local transport and reducing travel time, and has contributed to increasing safety on public roads.

“The completion of these road is a special moment for our community. Together with BSOG, we have demonstrated that partnerships with the private sector can generate concrete and sustainable results. This road will serve the residents of Vadu commune daily and, in the summer season, to the tourists enjoying Vadu beach, in increased safety. We thank Black Sea Oil & Gas for the substantial financial effort and all the involvement in this project”, declared Vasile Lumînare, the mayor of Corbu commune.

The completion of the Corbu – Vadu road was part of a wide range of initiatives through which BSOG has assumed an active role in the sustainable development of the region. From supporting education and promoting local culture, to strategic investments in infrastructure, the company has proven to be a trusted partner of the community.

About BSOG and its joint venture partners

BSOG, owned by Carlyle and the EBRD, is a Romanian based independent energy company that, as a 70% owner and the operator, developed the Midia Gas Development (MGD) project, the first offshore gas development in the Romanian Black Sea in over 30 years. BSOG continues to target offshore development of gas resources and, using its vital MGD infrastructure, is pursing the development of green energy projects such as onshore solar on its existing lands, offshore wind by utilizing its offshore energy corridor and lands and also green hydrogen and/or CCS through the use of its existing onshore and offshore infrastructure.

Gas Plus is the fourth largest producer of natural gas in Italy active in the main sectors of natural gas industry, particularly in exploration, production, purchase, distribution and sale to retail customers. At 31 December 2022, the Group had 42 exploitation concessions located throughout Italy, a total of approximately 1,800 kilometres of regional distribution and transportation network in 40 municipalities, serving a total of approximately 57,000 end users, with a staff of 145 employees. Gas Plus holds 10% interest of the MGD Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession.

Petro Ventures, a private investment group, holds 20% of the MGD Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession.